The investigating officer has objected to granting bail on the ground that further investigation is required to ascertain the source of huge money handed over to Ramesh Goenka through Pranjal Sarma. Investigation is being carried out to ascertain the mode of transfer of the bribe to the Income Tax Commissioner and how the part of the bribe was shared with other accused and as such release of accused at this stage may hamper the investigation.
1. This bunch of writ petitions have been filed by persons who were directors in companies incorporated under the provisions of the Indian Companies Act, 1956. Apart from these companies, these petitioners have stated in the writ petitions that they were directors of other companies as well. In several cases, we are informed that the companies in which they were directors are still active.
Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accounting standards.
M/s Hillways Construction Company Private Limited Vs Income Tax Department and others (Uttarakhand High Court); Admittedly Section 420 of IPC is an offence which comes under Chapter XVII of the IPC. Income Declaration Scheme (IDS), 2016, of which the petitioner is seeking benefit, categorically stipulates that in case prosecution is going on against a person […]
AO disallowed 20% of total foreign travel expenses during the year under consideration. CIT(A) recorded that for assessment year 2000-01 and 2001-02 the disallowance was restricted to 10% of the total expenses incurred for foreign travel, against which Revenue preferred appeal to Delhi ITAT.
CIT(E) was not justified in rejecting approval sought by assessee under section 80G(5) on the allegation that assessee had sufficient disposable fund because sufficiency of funds available with an institution seeking the approval is not mentioned as condition under section 80G, which needs to be looked into before granting approval.
ITAT Mumbai held in the case of Parle Products Pvt. Ltd. vs. ACIT that Making addition on estimate basis by rejecting the books of account in the absence of any adverse material brought on record cannot stand.
The Competition Commission of India (CCI) passed final order imposing penalty on six firms – Fortified Security Solutions (Fortified), Ecoman Enviro Solutions Pvt. Ltd. (Ecoman), Lahs Green India Pvt. Ltd.
To sum up, even under the amended law, in all cases, there must exist reason to believe that income has escaped assessment and a mere change of opinion on the same facts and law does not justify a reassessment. For a reassessment proceeding initiated after four years, it must further be established that the escapement was by reason of failure of the assessee to disclose fully and truly all material facts.
It is apparent that when the assessee could not establish the genuineness of the impugned transaction before the Assessing Officer that it decided to surrender an amount of Rs. 55 lakh. Thus, the factual matrix indicates that the assessee made the surrender when it had no explanation to offer. Thus, the assessee could not prove the bona fide of its claim.
